Wells Fargo - How long to wait after CLI denial?

[pakratus]

I requested a CLI on my Active Cash after 6 months, denied.  I probably asked for too much.  How long should I wait after being denied a CLI to ask for another?

I saw an article that said to ask for 20-25% current limit, I guess I asked for a 60% increase. Any tips on % increase to ask for?

[FinStar]

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@pakratus wrote:

I requested a CLI on my Active Cash after 6 months, denied.  I probably asked for too much.  How long should I wait after being denied a CLI to ask for another?

I saw an article that said to ask for 20-25% current limit, I guess I asked for a 60% increase. Any tips on % increase to ask for?

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Before you request again, do you know or have you received information from WF as to why the CLI was denied? Whatever article you read is not accurate. You can always ask for any amount and the system can counter if they cannot approve the full amount. 

[NoMoreE46]

Yeah those articles aren't reality and sometimes click bait imho.

60% might be high for a CLI  percentage but depending on your spend, it might be granted.

I got a 56% CLI on one of my WF cards but it was three years ago (when mortgages rates for instance were less than half of today's.)

If you would provide details of your spend, we could provide you with a timeframe to reapply but generally, I'd say at least 30-60 days. 

[pakratus]

Denial letter-

• Too little time has passed since bank/credit cards were opened (We look for history of how you manage credit)
• Increased balance on your Wells Fargo credit card (We look at the amount of debt you have)
• Payments too low relative to balance on Wells Fargo credit card last 6 months (We look at amount of your debt)

The card was about 6 months old.  I have a higher balance (0% intro).  My payments were about double the minimum due (typically $50).  Spend, I hadn't used it the month (or more?) before the request.

Rereading the letter to type it, I had forgot about the first reason.  Maybe I just tried too soon.  I thought the third reason was most interesting.

Thanks for the replies.

[OmarGB9]

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@pakratus wrote:

Denial letter-

• Too little time has passed since bank/credit cards were opened (We look for history of how you manage credit)
• Increased balance on your Wells Fargo credit card (We look at the amount of debt you have)
• Payments too low relative to balance on Wells Fargo credit card last 6 months (We look at amount of your debt)

The card was about 6 months old.  I have a higher balance (0% intro).  My payments were about double the minimum due (typically $50).  Spend, I hadn't used it the month (or more?) before the request.

Rereading the letter to type it, I had forgot about the first reason.  Maybe I just tried too soon.  I thought the third reason was most interesting.

Thanks for the replies.

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Could be a sign of the times, or they're worried about your DTI and total debt with them and how it's not going down fast enough.

[FinStar]

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@pakratus wrote:

Denial letter-

• Too little time has passed since bank/credit cards were opened (We look for history of how you manage credit)
• Increased balance on your Wells Fargo credit card (We look at the amount of debt you have)
• Payments too low relative to balance on Wells Fargo credit card last 6 months (We look at amount of your debt)

The card was about 6 months old.  I have a higher balance (0% intro).  My payments were about double the minimum due (typically $50).  Spend, I hadn't used it the month (or more?) before the request.

Rereading the letter to type it, I had forgot about the first reason.  Maybe I just tried too soon.  I thought the third reason was most interesting.

Thanks for the replies.

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I would wait until the balance on the card is significantly lower, since they've cited some reasons associated with it, and if you've managed to pay it down/off, wait until the account reaches 9-12 months age-wise. If there is no need for a CLI (versus a want), waiting never hurts.

[NoMoreE46]

OP: Would you volunteer the SL on the card?